"On the EV side, Tata Motors ended the quarter with a total of 19,000 units, putting it on course for a full-year volume of 100,000 units, supported by current order book & new launches lined up. Moreover, Tata’s market dominance remains at 76% despite significant competitive intervention during the quarter. The company intends to quadruple its E-Bus segment revenue this year as part of its 3300 electric bus supply by 2025. We also believe that the margin will improve in the future as a result of a drop in cell prices and increased localization under the PLI scheme."
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